Find out more about Papaya Global ישראל ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically committed to managing payments. This supplies us with a secure and trusted approach of making payments to our 10,000 workers worldwide.}
The advanced international payroll management app simplifies my payroll procedure, saving me a substantial amount of time each month. With its easy to use user interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
The Worker Website provides employees with the ability to gain access to and view crucial files such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile devices and is offered in various languages.
Advantages Administration
Papaya Global helps companies offer competitive benefits packages to global employees no matter the number of workers in the business. The company can set up medical insurance, short-term and long-term disability, vision, oral and maternity leave while eliminating the need to source regional advantages companies in every nation, produce regional accounts and have a minimum variety of workers.
The HR capabilities provided by Worldwide HR encompass numerous functions such as keeping an eye on holiday time, making sure compliance, facilitating the procedure of welcoming brand-new staff members and bidding goodbye to leaving ones, using a safe online platform for saving workers' files, and supplying support for work permit treatments in case your employees need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force diversity, overall employment expenses distributed per location, overall work costs per cycle and a lot more.
environments around the world I supplied leadership and technique to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark said I work across business handling and building external relationships supporting Enterprise customers and options in addition to acting as an advisor for those of you that don't know who papaya Worldwide is papaya is the first payroll and payments
business to make the time 100 list for many prominent companies in the world we supply payroll payments and workforce management to all staff member enters over 160 nations I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning great afternoon great night depending on where you are in the world it's lovely to satisfy you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've remained in the payments industry for over 10 years and specifically dealing with the payroll and payment sector for over 7 years um I was amazed by the complexity the difficulty in all of the above of
payroll payments and chose to kind of make a real go at that over the last 5 or six years where I have actually kind of had a variety of various functions on the company side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we'll kind of let them do that so it 'd be rather intriguing and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everyone originates from and I actually do hope it's much sunnier than it is in the UK today certainly not the peak of the sunlight is it it's not no it's it's raining here it's really very uninspiring and I want I was somewhere else at this moment in time fine so let's get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we'll likewise review a wrap-up which needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and managing them becomes a growing number of intricate Worldwide companies are aiming to find Solutions and new ways to enhance processes particularly from a payroll and cross-border payment perspective lots of companies maintain separate checking account just for payroll while some have multiple accounts in various nations does it make sense for companies to keep separate checking account in some cases in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business improve the episode complex processes of
making payroll payments properly effectively safely and on time throughout this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one country but when you're doing it worldwide it's next level and Beyond it becomes complicated for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the large numbers they add additional complexity the international Labor force is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there's typically an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely extremely fundamental there's no real consistency framework we're living in an era of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that's another number that provides me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of global organizations have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they depend on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they're making payments to employees or otherwise that's a great question I always toss this back and say what is it what does not need to be consisted of right and what does
it require to be thought of there's varying Bank information so the length of an eye band a swift an account number routing code per country there's payment timespan there's payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer's own in-country account so there's complexity any place you look best eventually constructing a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I'm always surprised when individuals say I've split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the compensation landscape is becoming progressively complex. Services are continuously presenting new advantages and payment choices, which adds to the general complexity. Large corporations typically divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today's technologically advanced period, there's no reason for maintaining cumbersome procedures. Payroll, the company's biggest expense, should be processed properly and on time. Even slight hold-ups can negatively impact staff members' well-being and have significant consequences. For that reason, it's important to prioritize accurate and timely payments.
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and people just observe when things go wrong. Nevertheless, when things go right, it's seen as simply a regular job. This is how it's viewed externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi Global and other essential matters are done correctly. Using the very first Worldwide Payments first payroll payment solution is a fantastic initial action towards supplying a detailed payroll service for employees worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and savings account necessary for international payroll are essential consider accomplishing organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don't go as planned. Eventually, we don't do it for the thankfulness.
anyway we understand how how important a role it is which's why we do it that's why we get on with it and this is why we're talking today about making it as easy as possible for everybody that's involved in those processes and also so imagine sorry I'm simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I'm sure we're discussing hundreds of thousands potentially Millions picture getting that lots of thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everybody so moving on look why do business pick to primary different checking account there are businesses out there doing precisely this for particular countries and I have actually operated in a service or many businesses doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we're not deliberately doing that we're not producing extra work for any person where we don't need to and anyone that's dealing with that procedure I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the amount that we are I believe many reasons one is it's the requirement I think people have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it's not a requirement so I think it's just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there's a range I believe this is a procedure that requires looking at it requires changing however eventually people are really stuck with what they're familiar
with right um change is a challenging thing all of us do not like modification um so I believe it's simply sort of moving far from the standard as we've said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping several savings account but there's a huge quantity of complexity opts for establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it's set up with the right user accesses for private individuals so the complexity is big however I believe the honest response is change um people have not been able to alter or haven't had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you've hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we've constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or two there is a lot to monitor and this approach does posture a number of challenges um so Johnny could you tell us about those challenges yeah obviously so there's a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you
Papaya Global Bhutan